Wednesday, October 13, 2010

Mid Week News: A&P Stock Falls 18% in Early Trades Wednesday....

Shares of long struggling supermarket operator Great Atlantic & Pacific Tea Co.  (GAP 3.40, -0.58, -14.57%) dropped 18% to $3.25 in early trade Wednesday. The Wall Street Journal reported the New Jersey-based parent of the A&P supermarket chain has been reaching out to investment banks to restructure its heavy debt load

More Problems for A&P...Food Basics Workers May Strike
The chain’s contract with Local 464A of the Little Falls-based United Food and Commercial Workers expires at midnight Saturday, and the chance of reaching a settlement “doesn’t look good,” said John Niccollai, the union president.  The struggling A&P supermarket chain may face another problem: a potential strike by 900 employees at its eight North Jersey Food Basic stores.

ShopRite Design Changes To Be Unveiled
Wyckoff,NJ-- ShopRite representatives revised their renderings of the more than 62,000-square-foot supermarket. 

ShopRite Plans their 8th Maryland Store
ShopRite will open its first location in Anne Arundel County, Md., later this year. The supermarket has signed a lease to locate in a former Kmart site. 

Forecasters Project Value-Driven Holiday Season
"While consumers have shown they are once again willing to spend on what's important to them, they will be very conscientious about price."

After Chicago Win, Will Wal-Mart Look to New York?
Wal-Mart won the right to open two more stores in Chicago this year, but does that mean the world's largest retailer can eventually take Manhattan?

Wal-Mart Buys Raw Materials With Suppliers
Wal-Mart said its plans to join with its suppliers in buying raw goods to reduce costs, according to published reports. 

Sandy Pope, president of a Teamsters local in New York City and one of the most prominent women in the union, announced on Monday that she would challenge James P. Hoffa for the presidency.
Wal-Mart to End Employee Profit-Sharing in February
Wal-Mart plans to end profit-sharing contributions in February, replacing them by matching some of the dollars employees put in their 401(k) retirement plans to pare expenses. 
Meanwhile, they're expecting "positive" 4Q sales.

New Walmart Supercenter May Face Suit after owner says construction of the mega-store has "all but bankrupted" his business, and he is seeking compensation.

- Says Canadian UFCW in the wake of yet another accident involving farm workers. 

In NY News:

Governor Patterson is looking at more layoffs

More bad news for New Yorkers: NY Confronts $200 Billion Bill for Retiree Health Costs



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